Definition of "Robbery"
Use of the threat of violence or actual violence in taking property from someone else's possession. This peril is covered on a personal basis through the purchase of a homeowners insurance policy or renters insurance or on a business basis through a special multiperil insurance (SMP) policy. Specialty items such as coin and stamp collections must be specifically scheduled on a property policy in order for the insured to receive full value for a loss.
Popular Insurance Terms
Coverage on jewelry and precious stones on an all risks basis at any location subject to exclusions of wear and tear, war, and nuclear disaster. Each item must be specifically listed in the ...
Individual permitted to enter property with the permission of the owner or the person who controls the property. There is no mutual profit motive; the licensee comes onto the property for ...
Trust that is established by people still alive. ...
Transaction by a tax-exempt organization with a person from inside the organization (disqualified person) that provides an economic benefit to that person that is in excess of the value of ...
Privately formed insurance company whose objective is to make a profit. ...
Coverage for ships in port for a lengthy stay and/or those that are under repair. Insures on an all risks basis to include the exposures associated with the ship moving from one dock to ...
Payments awarded by a court in a liability suit. Money damages can be broken down into compensatory and punitive. Compensatory damages reimburse a plaintiff for expenses incurred for such ...
Society dedicated to the advancement of professional standards of risk management. Its membership is composed of risk and insurance managers of business organizations, public organizations, ...
Denial of coverage for damage, in inland marine insurance, stemming from routine use of the property. Property can be expected to deteriorate somewhat over time from normal use. This is not ...
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